European Shares Rise On Hopes For US-China Trade Deal

European stocks advanced on Monday after both Washington and Beijing made positive comments on the potential for a trade deal between them.

China has offered to raise penalties on intellectual property violations in an attempt to hammer out a partial trade deal with the United States.

U.S. national security adviser Robert O'Brien said an initial trade deal was still possible by the end of the year.

A tabloid run by the ruling Communist Party's official People's Daily discounted "negative" media reports and said both countries were "very close" to a phase one trade deal.

China also remains committed to continuing talks for a phase two or even a phase three deal with the United States, the state-backed Global Times said on its Twitter feed.

The pan European Stoxx 600 was up 0.7 percent at 406.97 after rising 0.4 percent on Friday. The German DAX and France's CAC 40 index rose around half a percent while the U.K.'s FTSE 100 was rising 0.6 percent.

Linde edged up slightly after it signed a memorandum of understanding with Baowu Clean Energy Ltd to cooperate on research and development to develop China's hydrogen market for industrial and mobility applications.

French luxury products maker LVMH Moët Hennessy Louis Vuitton jumped more than 2 percent after it reached a deal to acquire jeweler Tiffany & Co. (TIF) for $135 per share in cash.

British Airways-owner IAG rose over 1 percent after it reached a preliminary agreement with its pilots' union BALPA to end a pay dispute.

Miners Anglo American, Antofagasta and Glencore rose between 0.8 percent and 1.6 percent while Asia-focused lender HSBC Holdings gained 0.8 percent.

Specialty chemicals company Sika gained 1.5 percent after it agreed to acquire Adeplast SA.

Reinsurer Swiss Re rose slightly after confirming its strategy, targets and capital management priorities.

On a light day on the economic front, data from ifo institute showed that German business confidence improved in November.

The business confidence index rose to 95.0 from 94.7 in October. The reading came in line with economists' expectations.

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